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Author: 
 
 Fitchburg Mutual Fire 
 Insurance Company 
 
 Title: 
 
 The Fitchburg Mutual Fire 
 Insurance Company... 
 
 [Fitchburg, Mass.] 
 
 Date: 
 
 [1 922] 
 
MASTER NEGATIVE # 
 
 COLUMBIA UNIVERSITY LIBRARIES 
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 BIBLIOGRAPHIC MICROFORM TARGET 
 
 ORIGINAL MATERIAL AS FILMED - EXISTING BIBLIOGRAPHIC RECORD 
 
 Business 
 
 D986 
 F55 
 
 F it chburg, mutual fire insurance company. Fitch- 
 burg, Mass. 
 The Fitchburg mutual fire insurance company, 
 
 Fitchburg, Massachusetts, 75th anniversary, 1847- 
 
 1922. cFitohburg, llass., Dovms printing co., 
 
 19223 
 
 57 p. illus., ports., facsims. 23g cm. 
 
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 4i, f 
 
 75TH ANNIVERSARY 
 
 FiTCHBURG Mutual 
 Fire Insurance Company 
 
 1847 - 1922 
 
 mi 
 
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 FITCHBURG 
 
 MASSACHUSETTS 
 
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 "'■ * -*' - 
 
CotamWa (HnttJetsiftp 
 
 THE LIBRARIES 
 
 1 
 
 GRADUATE 
 
 SCHOOL OF BUSINESS 
 
 LIBRARY 
 
The 
 
 Fitchburg Mutual 
 
 Fire Insurance Company 
 
 Fitchburg, Massachusetts 
 
 75th Anniversary 
 
 1847 - 1922 
 
 • • • 
 
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 HOME OFFICE BUILDING OF THE FITCHBURG MUTUAL 
 
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 The Fitchburg Mutual 
 Fire Insurance 
 
 Company 
 
 1847-1922 
 
 There is probably no business in the world so little 
 understood by the public as Fire Insurance. Furthermore, 
 it is safe to say that since 1752, when Benjamin Franklin 
 was responsible for the organization of the first Insurance 
 Company in America, which was a Mutual Company, no 
 other business has been of equal value to the industrial and 
 commercial prosperity of the world. 
 
 Before the development of insurance, a fire was a 
 terrible disaster, destroying property, with no indemnity, 
 and usually resulted in a subscription from sympathetic 
 neighbors to help the unfortunate loser. This was the 
 germ of the Mutual Insurance plan, which has been in 
 operation in Massachusetts since 1798, when the Massa- 
 chusetts Mutual Fire Insurance Company of Boston was 
 organized. 
 
 The organization of other companies followed, so 
 that in 1847 there were thirty-seven companies doing 
 business in the state, with four more organized that year. 
 
 Presumably the success of these companies actuated 
 the progressive men of Fitchburg, as they applied to the 
 General Court of Massachusetts for Legislation,* which 
 resulted in the granting of a charter to The Fitchburg 
 Mutual Fire Insurance Company, in March, 1847.1 No 
 records are to be found of the early meetings before the 
 
 *See page 4 
 tSee page 13 
 
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 COPY OF THE ORIGINAL PETITION FOR LEGISLATION 
 
 NOTE-THE PETmOH W.S made for the N.ME OP THE F.TCHBURC MECHANICS MUTUAL F.RE INSURANCE COMPANY 
 
 i 
 
 I 
 
 petition was presented to the Legislature. The bill for the 
 Charter passed the House of Representatives, March 20, 
 the Senate, March 22, and was approved by Governor 
 George N. Briggs, March 23, 1847. 
 
 The incorporators, together with the other petitioners, 
 were the big men of those days, and they laid the founda- 
 tion for the success which the Company now enjoys. 
 
 The first public mention of the Company is found in 
 the Fitchburg Sentinel of March 12, 1847, in the Legisla- 
 tive News items: 
 
 " The bill to incorporate the Fitchburg Mutual Fire 
 Insurance Company has passed the House." 
 
 ORGANIZATION 
 
 In the Sentinel of May 14, 1847, the following appears, 
 marked "Advertisement." 
 
 Fitchburg Mutual Fire Insurance Company 
 
 The undersigned being named in the Act of Incorpora- 
 tion of the above named Company, chartered at the recent 
 session of the Legislature, would hereby call a meeting for 
 the purpose of organization, etc., at Jacjuith <S: Comee's 
 Hotel,* on Tuesday, the 18th of May inst., at ten o'clock 
 A.M. 
 
 A general attendance is requested. 
 
 ALVAH CROCKER 1 Persons 
 NATHANIEL WOOD ,^ named in 
 MOSES WOOD ) the Act 
 
 At this meeting Colonel Alvah Crocker presided, and 
 W. B. Towne was Secretary. 
 
 Remarks were made by Artemus Lee, Joseph Davis, 
 Ebenezer Torrey and Alvah Oocker, upon the character 
 
 ♦This buildinfi was the old Fitcliburg Tavern, which stood where the Fitcliburg Hotel, 
 now known as the John Fitch, stands. 
 
INTENTIONAL SECOND EXPOSURE 
 
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 COPY OF THE ORIGINAL PETITION FOR LEGISLATION 
 
 NOTE-THE PETITION WAS MADE FOR THE NAME OF THE F.TCHBURG M|CHAmCS MUTUAL F.RE INSURANCE COMPANY 
 
 petition was presented to the Legislature. The bill for the 
 Charter passed the House of Representatives, March 20, 
 the Senate, March 22, and was approved by Governor 
 George N. Briggs, March 23, 1847. 
 
 The incorporators, together with the other petitioners, 
 were the big men of those days, and they laid the founda- 
 tion for the success which the Company now enjoys. 
 
 The first public mention of the Company is found in 
 the Fitchburg Sentinel of March 12, 1847, in the Legisla- 
 tive News items: 
 
 " The bill to incorporate the Fitchburg Mutual Fire 
 Insurance Company has passed the House." 
 
 ORGANIZATION 
 
 In the Sentinel of May 14, 1847, the following appears, 
 marked "Advertisement." 
 
 Fitchburg Mutual Fire Insurance Company 
 
 The undersigned being named in the Act of Incorpora- 
 tion of the above named Company, chartered at the recent 
 session of the Legislature, would hereby call a meeting for 
 the purpose of organization, etc., at Jaquith & Comee's 
 Hotel,* on Tuesday, the 18th of May inst., at ten o'clock 
 A.M. 
 
 A general attendance is requested. 
 
 ALVAH CROCKER 
 NATHANIEL WOOD 
 MOSES WOOD 
 
 Persons 
 
 named in 
 
 the Act 
 
 At this meeting Colonel Alvah Crocker presided, and 
 W. B. Towne was Secretary. 
 
 Remarks were made by Artemus Lee, Joseph Davis, 
 Ebenezer Torrey and Alvah Crocker, upon the character 
 
 ♦This building was the old Fitchburg Tavern, which stood where the Fitchburg Hotel, 
 now known as the John Fitch, stands. 
 
of an Insurance Company of this kind. An abstract of this 
 discussion might be of great interest to us today. 
 
 It was voted that the Act of Incorporat.on be accepted 
 and a committee of five, namely, Nathan.el Wood Mton 
 Whitney, George S. Boutwell, Ebenezer Torrey and Alvah 
 Crocker, was appointed to draft a code of ^'J-'^^^" 
 
 Many meetings were necessary m order to complete 
 the details, so that the Company might be -«»y for bus>- 
 ness the first of September. On June 29, the By-Laws 
 were adopted, and the hrst Board of Directors was eWcted 
 
 ^ TViA mpmbers of this Board were as 
 to serve one year. Ine memnerb ui 
 
 follows : 
 
 Nathaniel Wood 
 Alvah Crocker 
 Joseph W. Mansur 
 Ivers Phillips 
 Walter Hey wood 
 A. T. Towne 
 E. Murdock, Jr. 
 Asahel Corey 
 Jacob Fisher 
 Hobart Spencer 
 Daniel Putnam 
 Artemus Lee 
 L. H. Bradford 
 John White 
 C. H. Wilder 
 
 Fitchburg 
 
 Fitchburg 
 
 Fitchburg 
 
 Fitchburg 
 
 Fitchburg 
 
 Fitchburg 
 
 W'inchendon 
 
 Ashburnham 
 
 Lancaster 
 
 Ashby 
 
 Lunenburg 
 
 Templeton 
 
 Gardner 
 
 Westminster 
 
 Leominster 
 
 At a meeting on July 2, "Mr. J.W. Mansur was chosen 
 Secretary Pro Tem, and Nathaniel Wood, Esq^, was elected 
 President. Messrs. Nathaniel Wood, A T. Towne and C 
 W. Wilder, were chosen to constitute a ' financjal comm.t- 
 tee,' and Ebenezer Torrey, Esq., was elected Freasurer. 
 Evidently the business of insurance was not to be assumed 
 
 ALVAH CROCKER 
 
lightly, as, at this meeting, we find Messrs. Putnam, 
 Wilder and Crocker, appointed as a committee " to name 
 a suitable person for Secretary at a future meeting." 
 
 The meeting of July 17 was held at the office of Torrey 
 and Wood, in the building next west of the Fitchburg 
 Savings Bank Building, corner Main and Central Streets. 
 The compensation of the Secretary was established at $1.00 
 for ev^ery policy signed, and fifty cents for every transfer. 
 Ten applications for insurance were received at this meeting. 
 
 At the meeting on August 5, Colonel Ivers Phillips 
 was unanimously elected Secretary. 
 
 At a meeting held August 12, a committee was chosen 
 to " fix a list of rates of premium for insurance, and a form 
 of application and policy." 
 
 Confidence was expressed in the Secretary by a vote 
 "that the Secretary be authorized to manage the concerns 
 of the Company in the way he thinks would be most con- 
 ducive to their interests." It was also voted, '' that the 
 basis of the Company to adopt for its best risks be such as 
 farmhouses (well situated, well secured, and not exposed 
 from other buildings), and other buildings not more haz- 
 ardous, one per cent for seven years, when occupied by the 
 owner." 
 
 The following Tariff of Rates of Insurance was adopted : 
 
 2/8 per cent, or .25 for 1 year 
 
 3/8 
 
 
 ' '' .37H 
 
 " 2 years 
 
 4/8 
 
 
 ' " .50 
 
 u 3 u 
 
 5/8 
 
 
 ' " .62H 
 
 u 4 u 
 
 6/8 
 
 
 ' " .75 
 
 u 5 u 
 
 7/8 
 
 
 ' " .87H 
 
 u ^ u 
 
 1 
 
 
 ' " 1.00 
 
 U J u 
 
 Second Class of Risks, such as Farmers' Barns, Hay, 
 
 8 
 
 r 
 
 ^^;*v 
 
 
 Al 
 
 Grain and Stock, well secured and not exposed from other 
 buildings and houses in villages, contiguous to others: 
 
 5/16 per cent or .31}^ for 1 year 
 
 15/32 
 
 
 
 " .50 
 
 
 2 years 
 
 5/8 
 
 
 
 " .621^ 
 
 
 3 " 
 
 25/32 
 
 
 
 " .78^ 
 
 
 4 " 
 
 15/16 
 
 
 
 " .9314 
 
 
 5 " 
 
 35/32 
 
 
 
 '' 1.093^ 
 
 
 6 " 
 
 1 1/4 
 
 
 
 " 1.25 
 
 
 7 " 
 
 Voted, " That stores of the best class and other shops, 
 not more hazardous be included in the Second Class of 
 Risks, and insured at the same rates." 
 
 Voted, '* That store goods, in stores well situated and 
 not essentially exposed from other buildings, be insured at 
 one-half per cent for one year, and other risks of this kind 
 be left to the discretion of the Secretary." 
 
 READY FOR BUSINESS 
 
 The first policy was issued September 1, 1847, to 
 Artemus Lee for $1,700, on his property in the town of 
 Phillipston, Mass. These buildings are still in existence.* 
 
 Thus was born the Fitchburg Mutual Fire Insurance 
 Company, organized for the purpose of furnishing insur- 
 ance at as near cost as possible. That it was successful is 
 evidenced by this, our Seventy-fifth Anniversary. 
 
 Seventy-five years ago the science of insurance was un- 
 known. There were no rates and no experience upon which 
 to base rates. Everything was done by individual judg- 
 ment, and in competition with other companies. The years 
 following the organization of the Fitchburg Mutual saw 
 many other companies spring into existence, seemingly be- 
 cause every considerable town considered an insurance com- 
 pany essential to its protection. These companies met with 
 
 *See Page 45. 
 
various experiences, resulting in such a high mortality that 
 the surviving companies can claim a real achievement. 
 The management of the Fitchburg Mutual was evidently 
 of high grade, as it came through the vicissitudes of those 
 days with flying colors. 
 
 ISV 
 
 ja.r i ;"i i M i 
 
 •*' 
 
 WtTCMBVlBiamUTVJkli 
 
 FIRB INSURANCE COMPINJ, 
 
 . PITCHBUllG. MASS. '^ ' 
 
 THIS Company are prepared to insure Buildinsrs and Pirl 
 tonal Property of the fwler class, against loss of UaoMbtt W ^ 
 fire, for any term of time from One to Seven Yeurt, <^lioc4 
 rtasonabie terms than any other Company in this County. ;lr^ 
 
 ApjpUcAtioM* ibr laammiiee received *4 tlMc^f 
 
 omce, in Tomy & Wood's Brick BoildiBf, 
 
 OPPOSITE THE FiTCHBURG HOTEL. 
 
 KAMSa OF OIBKCTOaS. 
 
 Natiiaxikl Wood, Fitehbw^f Jacob Fishec, Laneasttr, 
 Alvah Crockkr, »* H. Spkncer, As/iby^ 
 
 J. VV. Ma.n'svr, •* BanielPutxam. Lmtendwry, 
 
 IvERs Phillips, ** Artem<vs Lee, TemjOHoHj 
 
 Walter Heywood, '* L. H. Buadfohd, Oofdner^ 
 
 A. J. Tows, " JoHJt WHiTKyWestmiw^ 
 
 E. MuRDocK, Jr., Winchendon^ C. W. Wilder, Ltomin$Ur. 
 As AH EL Corey, AshbumAamy 
 
 NATHAiMIEL WOOD, PresideWL 
 IVERS PHILLIPS, Secretary. 
 Fitchburg, August 2U, 1847. 34-to " 
 
 ADVERTISEMENT IN FITCHBURG SENTINEL 
 
 The By-Laws which were adopted at the organization 
 of the Company were very different from those now in use. 
 Today the General Statutes practically cover all the condi- 
 tions that were formerly contained in the By-Laws, leav- 
 ing the present By-Laws containing only such sections as 
 relate to the date of the annual meeting, the number of 
 Directors, the Officers and their duties. Some of the 
 original articles seem very odd to us now. Here is one: 
 
 " The Company will write insurance on any building 
 
 10 
 
 
 
 for not exceeding seven years, and on personal property, 
 for not exceeding one year, but where personal property 
 and building are owned by the same person, the policy, 
 may, at the option of the Company, be issued for the 
 former period." 
 
 Another article states that " Gunpowder is not insur- 
 able and in case a greater quantity is kept, or in a manner 
 different than that authorized by law, the policy covering 
 building wherein such property is kept or other property 
 therein, such policy shall be void." 
 
 A qualification which would not be very popular at 
 the present time is as follows: 
 
 " No more than three-fourths of the cash value of any 
 building above the foundation shall be insured, and not 
 more than three-fourths of the cash value of any personal 
 property." 
 
 One article refers to the application which *' shall be 
 signed by the party to be insured, or some person author- 
 ized by him, and such application shall constitute a part of 
 the contract to be taken in connection with the policy, and 
 no insurance shall be granted or no policy take effect until 
 such application so signed shall be filed with the Secretary." 
 
 It would be rather difficult for both the assured and 
 the Company to do business today under these conditions. 
 
 There is another article which provides the conditions 
 by which a building may be vacated. Practically all of the 
 articles are now contained in the standard policy provided 
 by law, so that the companies are enabled to eliminate a 
 great deal of this unnecessary text from their Constitutions 
 and By-Laws. The uniform condition, thus created, gives 
 equal opportunity — there is no longer a disadvantage by 
 reason of a by-law which could not be changed until the 
 next annual meeting. 
 
 There is an article relating to the adjustment of losses 
 
 11 
 
INTENTIONAL SECOND EXPOSURE 
 
 I 
 
 various experiences, resulting in such a high mortaUty that 
 the surviving companies can claim a real achievement. 
 The management of the Fitchburg Mutual was evidently 
 of high grade, as it came through the vicissitudes of those 
 clays with flying colors. 
 
 gpIN 
 
 FIRE INSURANCE COMPANY, 
 
 » FITCHBURG, MASS. 
 
 THIS Company are prepared to insure Buildinars and Per^ 
 soua) Property of the safer class, agrninst losa of damage iiy 
 fire, for any term of lirae from One to Seven Years, on inore 
 reasonable terms than any other Company in this County. < 
 
 Appllcatioaai for InsuruBice received at tiuyir 
 
 Uffice, in Torrey & Wood's Brick Building, 
 
 OPPOSITE THE F TCHBURG HOTCt. 
 
 NAMES OF DIRECTORS. 
 
 Nathamkl Wood, Fitckburgt Jacob Fishep., LancasttTf 
 Alvah Crockkr, ** H. Spexcer, jls/tdy, 
 
 J. W. Mansur, •* Daniel Putnam. JLwwendKff, 
 
 IvERS Phillips, ** Artkm.vs Lek, l^empUton, 
 
 Walter Heywood, '* L. H. Bhadford, Gardner^ 
 
 A. J. Tou'x, " Jour* White, vr^Atmms^ar, 
 
 E. Mvrdock, Jr., Winchendon^ C. W. Wilder, Ltominsttr^ 
 Asahel Corey, Askbiimham^ 
 
 NATHANIEL WOOD, Pre sideat. 
 IVERS PHILLIPS, Secretary. 
 
 Fitchburg, August 2U, 1847. 
 
 34-to 
 
 I 
 
 iV 
 
 
 ADVERTISEMENT IN FITCHBURG SENTINEL 
 
 The By-Laws which were adopted at the organization 
 of the Company were very different from those now in use. 
 Today the General Statutes practically cover all the condi- 
 tions that were formerly contained in the By-Laws, leav- 
 ing the present By-Laws containing only such sections as 
 relate to the date of the annual meeting, the number of 
 Directors, the Officers and their duties. Some of the 
 original articles seem ver>' odd to us now. Here is one: 
 
 " The Company will write insurance on any building 
 
 10 
 
 \ 
 
 
 •i ^ 
 
 for not exceeding seven years, and on personal property, 
 for not exceeding one year, but where personal property 
 and building are owned by the same person, the policy, 
 may, at the option of the Company, be issued for the 
 former period." 
 
 Another article states that " Gunpowder is not insur- 
 able and in case a greater quantity is kept, or in a manner 
 different than that authorized by law, the policy covering 
 building wherein such property is kept or other property 
 therein, such policy shall be void." 
 
 A qualification which would not be very popular at 
 the present time is as follows: 
 
 " No more than three-fourths of the cash value of any 
 building above the foundation shall be insured, and not 
 more than three-fourths of the cash value of any personal 
 property." 
 
 One article refers to the application which '* shall be 
 signed by the party to be insured, or some person author- 
 ized by him, and such application shall constitute a part of 
 the contract to be taken in connection with the policy, and 
 no insurance shall be granted or no policy take effect until 
 such application so signed shall be filed with the Secretary^." 
 
 It would be rather difficult for both the assured and 
 the Company to do business today under these conditions. 
 
 There is another article which provides the conditions 
 by which a building may be vacated. Practically all of the 
 articles are now contained in the standard policy prov ided 
 by law, so that the companies are enabled to eliminate a 
 great deal of this unnecessary text from their Constitutions 
 and By-Laws. The uniform condition, thus created, gives 
 equal opportunity — there is no longer a disadvantage by 
 reason of a by-law which could not be changed until the 
 next annual meeting. 
 
 There is an article relating to the adjustment of losses 
 
 11 
 
which goes into minute detail, which is now condensed into 
 a few Hnes in the standard policy, the rest of the conditions 
 being accepted by common usage by the companies and 
 adjusters. 
 
 An important article gave the Directors the power to 
 borrow money, from time to time, on the '' faith of the 
 Company, such sums of money as may be required to meet 
 losses." 
 
 Another article which seems very peculiar is as follows: 
 "If the loss does not amount to five per cent of the amount 
 insured, it shall not be covered by the policy unless it 
 exceeds $25.00, and if it exceeds $25.00 it shall be covered, 
 although it does not amount to five per cent." 
 
 An article relating to the funds of the Company is of 
 considerable interest. "Funds paid into the Treasury- shall 
 be applied first to defray necessary expenses, second to pay 
 losses, and third, what remains, if anything, shall be divided, 
 but no assessment upon the notes shall be made until the 
 exigencies of the treasury shall demand it." 
 
 Those restrictions which seemed logical when the By- 
 Laws were framed, must have proved unwelcome to the 
 public, because we find, in October, 1847, almost as soon 
 as the Company began doing business, that the By-Laws 
 were amended as follows : 
 
 First — that the Company may insure personal prop- 
 erty for any length of time from one month to 
 seven years, at the discretion of the Directors. 
 
 Second — that buildings may be insured for a less time 
 than one year, at the discretion of the Directors. 
 
 Third — that the Nineteenth Article of the By-Laws be 
 so far amended as to authorize the Directors to 
 insure buildings when in process of finishing, with 
 the condition that the work be done in the day 
 time only, and that no smoking shall be allowed. 
 
 12 
 
 m/ 
 
 •» % 
 
 jPHI 
 
 COM.^O?fWEAL.TB OF MASSACIIUSITm. 
 
 In the year One Thousand Eight Bundred and Fmfy .f//'Ar*- 
 
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 CHARTER OF THE FITCHBURG MUTUAL FIRE INSURANCE COMPANY 
 
INTENTIONAL SECOND EXPOSURE 
 
 which goes into minute detail, which is now condensed into 
 a few hnes in the standard poHcy, the rest of the conditions 
 being accepted by common usage by the companies and 
 adjusters. 
 
 An important article gave the Directors the power to 
 borrow money, from time to time, on the *' faith of the 
 Company, such sums of money as may be required to meet 
 lo 
 
 sses. 
 
 Another article which seems very peculiar is as follows: 
 "If the loss does not amount to five per cent of the amount 
 insured, it shall not be covered by the policy unless it 
 exceeds $25.00, and if it exceeds $25.00 it shall be covered, 
 although it does not amount to five per cent." 
 
 An article relating to the funds of the Company is of 
 considerable interest. "Funds paid into the Treasury- shall 
 be applied first to defray necessary expenses, second to pay 
 losses, and third, what remains, if anything, shall be divided, 
 but no assessment upon the notes shall be made until the 
 exigencies of the treasury shall demand it." 
 
 Those restrictions which seemed logical when the By- 
 Laws were framed, must have proved unwelcome to the 
 public, because we find, in October, 1847, almost as soon 
 as the Company began doing business, that the By-Laws 
 were amended as follows: 
 
 First — that the Company may insure personal prop- 
 erty for any length of time from one month to 
 seven years, at the discretion of the Directors. 
 
 Second — that buildings may be insured for a less time 
 than one year, at the discretion of the Directors. 
 
 Third — that the Nineteenth Article of the By-Laws be 
 so far amended as to authorize the Directors to 
 insure buildings when in process of finishing, with 
 the condition that the work be done in the day 
 time only, and that no smoking shall be allowed. 
 
 12 
 
 i 
 
 ■'i" 
 
 i 
 
 1 
 
 
 <^ 
 
 \ 
 
 I 
 
 OiC 
 
 /93 
 
 ■-ff;?y -W '^ ' '' yW, ';> 
 
 ^■mMT"! 
 
 ILiLTH OF MASSACBmSETES. 
 
 * 
 
 h\ Ihe year One Thmisand Eighi Hundred and Forty J/ /v 
 
 'Yt*' 
 
 Be U enacted hy tke SmaU amd mm^ rf MefTumMk^ i» GmmU Cm^ u>^^ 
 
 tJu mmthoriis of the •»»«,- 
 
 — /».! ',/ ' /■"■■ 
 
 >,.'/</•// / ,7/rff,f l.>./».r €/-<;./ /////>'./. /^..<54 
 
 ' ' ' • • ■ , * 
 
 ' * ' * ' ' * ■ * 
 
 ,, II /» tt . I . 
 
 
 ,//».• f . / ,-'»^f f^ 
 
 V. 
 
 >... . . -- '• 
 
 ,, . ■ .,. Jrf. 
 
 >^"A £S- /'y- 
 
 [4... ' / ^ 
 
 
 , ftl*k!'/t 
 
 SJ 
 
 ,.J-* 
 
 
 ..•,VV./ 
 
 ^. „^^^^/ 
 
 CHARTER OF THE FITCHBURG MUTUAL FIRE INSURANCE COMPANY 
 
 ^ V 
 
It is quite probable that it was the competition among 
 the different companies, in changing their by-laws and 
 policy conditions, that resulted in the codification of the 
 By-Laws in the Statutes, and finally in a standard policy. 
 It is with pride that we, of the insurance business in Massa- 
 chusetts, realize that the experiences of those early days 
 have resulted in Legislation which has become the model 
 used by every other state in the Union. 
 
 GOVERNMENT REGULATION 
 
 At the time of the organization of the Fitchburg 
 Mutual Fire Insurance Company, in 1847, the only regula- 
 tion of the business of insurance, under the State Law, was 
 contained in Chapters 37 and 44 of the Revised Statutes. 
 The specific provision therein for public investigation of 
 the affairs of any company reads as follows : 
 
 " The President and Secretary of every such company 
 shall, when required by the Legislature, lay before them a 
 statement of the affairs of the company and submit to an 
 examination on oath concerning it." 
 
 The first law of this Commonwealth requiring returns 
 from insurance companies, with a view to an official publi- 
 cation of their financial standing, was passed April 18, 1837. 
 This applied, however, only to companies incorporated in 
 the State, and having a specific capital. 
 
 This report was to be made to John P. Bigelow, then 
 Secretary of the Commonwealth, and he had the honor of 
 making the first insurance report in this State, and as far 
 as known, the first ever made in this or any other country, 
 under the sanction of government, and based on sworn re- 
 turns prescribed by law. This report made a document of 
 only eight pages of standard Legislative size. 
 
 Five years later, February 15, 1842, a law was passed 
 requiring returns from Mutual Marine, and Mutual Fire 
 and Marine Companies. 
 
 14 
 
 In 1849, this law was extended to cover also Mutual 
 Fire Insurance Companies, but the Mutual Companies suc- 
 ceeded in bringing about a repeal in 1850, and the public 
 had no official light as to their financial standing until the 
 law requiring returns was reinacted in 1852. 
 
 Until 1852, the Secretary of the Commonwealth was 
 charged with the duty of executing the law, which consisted 
 mainly of distributing the proper blanks and abstracting 
 the returns for the information of the Legislature and the 
 public. 
 
 In 1852, the Secretary, Treasurer and Auditor of the 
 Commonwealth were constituted a Board of Insurance 
 Commissioners, having jurisdiction over all insurance com- 
 panies of other states, and countries, with power to appoint 
 a State Actuary, and charged with the duty of making an 
 annual report and abstract of the conditions of these out- 
 side companies and the business done by their agents iii the 
 State, as shown by the returns required to be made. 
 
 In 1854, the jurisdiction of the Board of Insurance 
 Commissioners, consisting of the same state officers, was 
 extended to all insurance companies of every kind doing 
 business in the Commonwealth, whether incorporated here 
 or elsewhere. More complete and elaborate annual state- 
 ments were required, and all the laws relating to insurance 
 were consolidated into one. 
 
 In 1855, a separate department was created and three 
 persons, to be appointed by the Governor, constituted the 
 Board of Insurance Commissioners. 
 
 In 1858, the Board was reduced to two members, and 
 in 1860, to one member. 
 
 As a sample of the Annual Report of that time, and in 
 comparison with the Report of the present time, we reprint 
 our first report as of December 1, 1849. 
 
 15 
 
Report to Secretary of the Commonwealth 
 
 December 1, 1849 
 Fitchburg Mutual Fire Insurance Company 
 
 $29,823.75 
 
 761.37 
 
 23,054.43 
 
 Amount of Assets 
 Cash 
 
 Premium notes on risks not terminated 
 Other notes 
 
 Notes with personal security, $2,308.33 
 Notes secured by mortgage 
 
 on Real Estate, $2,785.00 
 
 Debts due Company (unpaid premiums) 
 Fitchburg & Worcester Railroad Bonds 
 All other property 
 Losses unpaid — none. 
 Amount insured during the year 
 Premium during year 
 Risks terminated during the year 
 Premiums terminated during the year 
 Amount insured — undetermined fire risks 
 First Class, $517,804.00 
 Second Class, $143,275.00 
 Amount of Premiums — undetermined fire risks 
 Premiums and Premium notes taken 
 First Class, $22,763.39 
 Second Class, $8,546.20 
 Losses — First Class 
 
 Second Class, none. 
 Amount of debts owed by the Company other 
 
 than losses above stated 
 Expenses paid 
 
 Dividends paid since organization 
 Highest rate of interest received, 6 per cent. 
 
 Upon the appointment of the Board of Insurance Com- 
 missioners, the necessity for more detailed and complete 
 
 16 
 
 5,093.33 
 176.62 
 
 1 ,008 . 00 
 300.00 
 
 407,686.00 
 
 4,527.48 
 
 97,552.50 
 
 605.91 
 
 661,079.00 
 
 7,709.94 
 
 288.01 
 
 50.00 
 354.40 
 495 . 10 
 
 1 
 
 f ^ 
 
 $2,453,544.00 
 32,496.63 
 97,489.89 
 
 200 . 00 
 
 /f 
 
 information in regard to the standing of the Insurance 
 Companies was deemed necessary, and the following is a 
 copy of the first published report made by the Fitchburg 
 Mutual Fire Insurance Company to the Board of Insur- 
 ance Commissioners in Massachusetts: 
 
 December 31, 1855 
 
 Fitchburg Mutual Fire Insurance Company 
 
 Fitchburg 
 
 Incorporated March 23, 1847 
 
 President, Nathaniel Wood Secretary, Abel Thurston 
 
 Commenced business September 1, 1847 
 
 Amount insured by existing policies 
 
 Premiums and deposits received in cash 
 
 Premiums and deposits received in notes 
 
 Funds invested 
 
 Two shares Fitchburg Bank 
 
 (Par value, $100. Market value, $112.00. 
 Value on ledger, $100.00) 
 
 Bonds Fitchburg & Worcester Railroad 
 Co. 
 Other investments including amount loaned in 
 
 stocks, mortgages and other securities 
 Cash on hand and in bank 
 Amount of losses paid during the last five years 
 Amount assessed on notes for same period, in 
 
 Second Class 
 Amount of assessments past due and unpaid 
 Amount of policies issued during the past year 1,341,538.00 
 Cash received for such policies during the year 17,837 . 75 
 Amount of notes for premiums in First Class 
 
 Second Class 
 Losses paid during the year in First Class 
 
 Second Class 
 
 17 
 
 3,000.00 
 
 17,641.58 
 
 2,182.50 
 
 26,673.51 
 
 4,357.47 
 111.50 
 
 28,432.59 
 
 24,736.74 
 
 1,518.53 
 
 10,758.27 
 
 ^♦i» 
 
Losses ascertained and unpaid in First Class 
 Second Class 
 
 Amount of assessments on notes during past 
 year — none 
 
 Amount of cash dividends paid during past 
 year in First Class 
 
 For policies surrendered and premiums re- 
 funded during the past year in Second 
 Class 
 
 Highest rate of interest paid during past year 
 
 6 per cent 
 Highest rate of interest received during past 
 
 year, 6 per cent 
 Amount insured on real estate during past year 
 Amount insured on personal property during 
 
 past year 
 Amount insured First Class 
 
 Second Class 
 Amount premiums and deposit notes 
 
 First Class 
 
 Second Class 
 Amount losses First Class 
 
 Second Class 
 Amount of expense, taxes and commissions 
 
 paid the last year — including treasurer's 
 
 salary for past two years 
 Amount of charges for proposals, policies, as- 
 signments and other papers 
 (This amount does not go into the funds of the 
 
 Company, being the policy fees which pay 
 
 the Secretary.) 
 How many agents employed to take risks? 
 
 Seventeen local agents. 
 
 One man hired to examine risks. 
 
 18 
 
 $1,668.30 
 1,194.00 
 
 3,872.77 
 
 42.44 
 
 725,227.00 
 
 616,311.00 
 855,991.00 
 485,547.00 
 
 37,934.34 
 
 33,072.74 
 
 3,186.83 
 
 11,952.25 
 
 1,406.37 
 1,075.00 
 
 i 
 
 ^ 
 
 § '0 
 
 ^l)is Politn of 3n9tttttnce Ujitncflstt^, That whereas. 
 
 is tfci- C'mintv m' ^ / r> r <.e/^ff f 
 
 iv. 1.1 >.., I ('.Lniuiin-. i,ti.l,. tl„. -ioth .1,1) ..iMimp. ist7. howimW »uutxv>.l, {tai.1 U»>- Mtmrf '^1* "> O '^ ' ' 
 
 /7,/, 
 
 (>l' till' t>iwn •>«' 
 
 Zy^»; A-^ffAt- 
 
 t <> ajTrivablv to Uh- Buk-« ami 
 
 / , IMIiin awl (Vot>. » r^prgtinin, *ai^ lutf/ ^vra 
 
 /t*f Xmo. rf U.w<l. (<U-v<T« (Ute herewith, u> MU.I tompwir, fiir tl» »Bm <jf '-^f • ^;< '-^'*' ' ^e^*",*/ 
 »• IVpnsI, ami tkrnby IkmumI nvlohiqrK) ■ntf^i^fr^/ , fti y 
 
 W'lv^. .^Kiit...", *.Ua;iri.-tr»tniv, tuvt anijpis t.. \m\ all Hi,h sani or miiik » may b<' •iw'wwl W th«> l>innure rf wirt Con^anv. |«ini«aBl l« thf Art «if 
 !ii.<ir|«r»tii>ti. anil UuIps aa<\ IU-I.*w«ni'-iiiiiI Cimiuny; but ho« in any pvont to ixn-nl ilnnlir- thi' «imi« aliov<' oameil w IV-oiiiim a»l r»<i»m!. 
 
 , Jn <i!on3ii»traUon o( tl)c Prcmists. The ««i.i /^<5**^,, <» / 
 
 /> *-> llt-ir*, Kxeiuior*, iDtl Adininistnttor*, «re hercUv iimurca stpaavx Xfm or Daouirc by Fire, avler lk» 
 
 .•i.n.liliun* ai«l UmitHUniis cx[in>ss<>,l In sa',.1 Uu|« nnd -Ry-I^w.i, iutil suhjert to tlic lien npon the Itnihlin^ herein iimucil awl U* lju«lnii<l*rthe««»e, 
 n«t«l >>)• tl>o thirty-!*-vfiith Chnpti-r ot' tlic UcviwHl Stututc!'. and stilijott to tbo lien upon tl* ppmonal property iiuwrttl herein. crctrttd by the .Vet of 
 Ki^jliuvn Imn.lnNl and torty-fivo, (.'haptcrocvcnlven, it bfln^r ()k> inloiuion of this Corporati<ni to roly upoo saiil liens •<• »e<^re the pa}BK-nt oTany and 
 all o'lPMnvTii i that nwy Ix- ouuie ae<<ordiii» to thi- Scatutu of thi» C«toonwcalth. for ^^^^^v-c-it ' >,-<- rt-t fS^ *«»» ^ *"* day rf 
 
 •V / ' / - /'-^^y TA noon, until lI»o Tirst day ot' O*^* ^ >. . i<< r whkto»itl be in the year one thonaand eight buwlrpd 
 
 and *««•■ ' ''/ 'A?pjit nodn, the Mimof 
 
 v / ■ / • ^ . ^. 
 
 /?'<'<:'- ^<^' 
 
 
 ■^'/^''. /c, 
 
 .bmigaotnercdMua 
 
 V.., .11 r ■ y • » . - ill i!»' Cotinty «• yy^/r^jt^^r'^ y"' 
 
 U- ..t !>'• »»U»- «t'lli> I'l.i" ifk ,l.«nU''l in til.- aiiliil'iiti-iii <-<'tli- -.ii.1 /^ //'/»» '^'X CZ-T <" ^_ 
 
 r /^ '" .i«.„,- ^^/ , ^f /V .\. l>. lH>^ . at«l WrJ *«>' «»«• s«^«*»r> «*">- C«»p«»y. -J »h«* 
 
 ,■•.'; .-1 -!i;iil li.nii i«rl <>('lhi' t«nirwl to hrOaken jn rimni-xion »ith llii* pulle/T 
 
 "oni bf it Knonin, ri>it il ».W..-- i.aa e««</M(N<«/ Ftm.^ nf «i.l company arr bwrby boawt to »a«ii^ and tw*e goodttMotha^ 
 
 ,. ,.,i ,,.|>i,it>Wr=ii..r-. th.' I»Bt«ia)t>' 1" fir.-. II* inore than five per <-enl... Mr il%n or twenty 4r»don«»NwfcKfc»«yHn*n •"**!• 
 ■i^. -.,.// : /> within the tern a«jn-«il. .«^ wlinj la the tr,» intent aad »f«af«g of nil M« •*! fl^^;^ 
 
 t.li. ,<u t. "••' • ^i<«i4in;4 the anaraint in«ir>-d 
 .'►•■.iH J- i'i"> li.*^' t" (»y anj. •ati«fy «tl d 
 
 within the l«m atjn^aiil. i«^ wlinj la the irt«s in»cni mmx i>r»H«g «• -~ ■"~T~. ' _ 
 ,,,„ .» . „.,...«..:< the an«o»tin«ir>dtUrv«o. 1'rori.le.l, «.-v,rthrle*. that if the whole of theabaohte andcoaditM-l F»«*«r«w» l^<«*^ 
 
 r.'i, .11 t i...t . ^.■>«tU«.j the amount in«ir>-<l th«'re*i«». rrowliHl, >i.'v»rthrleits that it t»e wooie <■ i^ ■»«m~« •— >--— • 
 
 .\v.:M J i'l- > !>^' *•' ("^ »'"< •"•♦fy »" daniay. that mar haj-pen at anv nw fm-, in -hk* ««!.»/■»»»«»««<! •••■ oe ■■« wi — ' ^ ^ 
 jv,^t,« M !• I- J' ". .t.l-l ,.■ «ift«e ..f tlti. I'..!iey, .Intl be iAVVvA i^'naiil .St.«.k. in j«Ti«rtioi» to »e aoa ituwredaiid ** fT]** t T!^ „ ■ 
 
 »\.t»;«.», :^ '^^ /"^ 
 
 
 .9U*f«*»Md,|-^<^^' 
 
 ^ 
 
 FIRST POLICY ISSUED BY FITCHBURG MUTUAL FIRE INSURANCE COMPANY 
 
 ■*? 
 
INTENTIONAL SECOND EXPOSURE 
 
 Losses ascertained and unpaid in First Class 
 Second Class 
 
 Amount of assessments on notes during past 
 year — none 
 
 Amount of cash dividends paid during past 
 year in First Class 
 
 For policies surrendered and premiums re- 
 funded during the past year in Second 
 Class 
 
 Highest rate of interest paid during past year 
 6 per cent 
 
 Highest rate of interest received during past 
 
 year, 6 per cent 
 Amount insured on real estate during past year 
 Amount insured on personal property duiing 
 
 past year 
 Amount insured First Class 
 
 Second Class 
 Amount premiums and deposit notes 
 First Class 
 Second Class 
 Amount losses First Class 
 
 Second Class 
 Amount of expense, taxes and commissions 
 paid the last year — including treasurer's 
 salary for past two years 
 Amount of charges for proposals, policies, as- 
 signments and other papers 
 (This amount does not go into the funds of the 
 Company, being the policy fees which pay 
 the Secretary.) 
 How many agents employed to take risks? 
 Seventeen local agents. 
 One man hired to examine risks. 
 
 18 
 
 ,668.30 
 1,194.00 
 
 3,872.77 
 
 42.44 
 
 725,227.00 
 
 616,311.00 
 855,991.00 
 485,547.00 
 
 37,934.34 
 
 33,072.74 
 
 3,186.83 
 
 11,952.25 
 
 1,406.37 
 1,075.00 
 
 i 
 
 i 
 
 > t 
 
 itl)is PoUcH of 3iistttancc iDttnesaetl), That \viiere.\s. 
 
 /^. 
 
 ..f'lU'' t»mn -H' 
 
 Zy^n /^f(y/, 
 
 in >h'- i'tiuolk i-l ^ / r-' r < £^'f /• 
 
 iJDISAL ?3ja laSUaiiiaSB e3£a]>Afl7, i,.,.^m,e,l,l«-.n.l.i., ,.Mar.4...VI...M:.M.' <n...Uv^.WU«V,«»l 
 ,,_v.l.uH. .,r ..., I { ,«u,.,>,y. „.:,.|.. ,|„. ....,,1, .In ..r.r.inr. l^iT. |K.r..<mt« »x»w\<A. pai.1 M»- «ui....f ">'/'<• -• .. fj 'Jf ft 
 
 / . IViIUm ant? ■ Vent*, ax ytv^mtm, m^ iok t' ja»«i 
 
 /tf/ Xotoot'IIaoil. „jVv<>H<iaii- Ut-tt-with, tn»ai.HVimp»iiv. 6ir»lK-Mii»of i/etrf/y '^'f ' --^ <»//»» f«' 
 «» IVjmst, anj ijR'nhy liounil Mitl ci>i>isf«l -^t/^r^rf/ />' / 
 
 li..;i». ."ii. ut.nx wltaiiil-irsUfflv. an.! mii^<. i.. jmy all vM,b «on. or .«.h«s », oiay W «.«-w.l liy ih, 1«nH tow rf «ifl 0«»f>iiii>. |*ir«i»irt to «lw .%« rf 
 In. ..ri->nui..i.. an.l Uiilps iiimI Ih-Uwsat'v«i<i r.aMjuny : hni not in any rv».n« to .icc-PiJ il<i.il*> \\w v..tir. alwvc nantn) w IV-^mm ami Ih-frnt. 
 
 : Iw «f oii3\i»fralion of tlic Prcniiscs, Tin. «i.i ^^^t*.. a / ziA< 
 
 ff *"■ \\--m, K.VI-OIOIH, anil .VJmim>tn«tor<, art- WrcUy iiunire«l -ai^iuuM Ixm» i.r |tan»|if hy Kire, umlcr tlir 
 
 .on.liliuiw ;u«l limttatums pxi.ri><srtl in savl V^A<.•* and -By-Ijiw.-", ami .,uKji--t \n tlio lien nijon the Hnil.lin.r> bercia inwml ami ihc i.an'1 nixler tbe wnw. 
 
 pi-moil l.y tlK> thirly-sc^i'iilh t'liajit.T oftltf Itoviwtl Statutes and sul.jivt to the lion ujion tiM- p<>r«*al ppop<>ny luMiml lKrc;ii. create! bj the .Vet of 
 
 r,i;;lili-<Mt linn.ln..l anil i;.rty-fiv<', I'hiptor wt riilt-^'n, it \vm« tlw intonjjoii of tlii< Coqioratim to rely upoo saitl licni to -"Ci-urc the paymi'nt t< any aail 
 
 from th*" fiwt day of 
 year one dmtiMUvl <>ight huixlrvd 
 
 all ii»«-«D>.niH tlwt w.iy Ik- cuiilr ai-TOixilti;; to (Ix- StatuU-s otthii CMJiroimwi-alth. fi>r ^^^^r-t^i t ' ^ * re-t «/ 
 
 '^y ' ■;/ - /<^ at nawi, until the first day ol" (yi/ ^/ „• ^-^ . «h^*U be in the vc 
 
 :ind !*<*»■ ' ' ''/ jnrr»'<- no<wi, the •tiini of 
 
 / '■ ■ / 
 
 ''r ■ ■ ,,/rf,- CH^ttt r^ifi'/ 'i^^^^'t ft:f. 
 
 /C^ /; /' 
 
 'it f i 
 
 ft 
 
 ,1. ii • '■•■•\,i .11 
 
 X/'/y. A, 
 
 y ,. yy/'rrr^^^r-^ yr 
 
 ,l,„.' ti'iiltU- ••! l>»' \0^- 'H'tli.' IV..|«ily d..«<rili«-l in tli- a|il>t>' ^ti-n .4'tli«. »;wl Z^^^^^* ^-^Z ^-<'< ' 
 
 ,1,,. ^ '^ d:u,.r '«f''^tf7 .\. 1». Th 
 
 i„ .1. <-.«iBtv «• y^J/'rrirjifArr-^ ^' ' .1*^ «ot »««« Aa« 
 
 . , , , , ...... .•>t>SO' . an.1 loJgwl with ibc SwreUrj of»b« Com|«B)-, -nJ »Krh 
 
 .]k .' • • -l'-"' l''"'i iwrt <i<*lb'' I ••ntr*-l to Wt;ikr'n in r(inni'\ina with tliii< i»Jii'^ 
 Cl'l be il Known, Il..t ».-..?«-. «ml «.»/.?;«».■< >>,h1, o«- WI Crmipany ar» b«»b« boond to !»«i«f) «»<l Make ?«>«• "Wothe nU 
 
 ,. V.I .inlxi^rat-T-.th.- I»an«lj|. I.» fin . if mon- than titc per .vnl.. ..r if .n«T »«entv-6w Jottws wfckh l»»y k»«*" ***»"' 
 
 /> «ttw. lb.- irm .f.«t s.i.1. a.^ur.lins «•• the tnt* i"*^"* •»« meMiing of raid IUt« nd By-La<> "^ 
 
 V,, ... .„ ; n .yT- t1.<- aiwH.nl in«ii%.l lb. r...*. IV.vi.lr.1. ,h «»rtb. I«s that i^ th.- *ho»c «f the •hMJirt* and cowlitioiuJ Fob* <* ^'^**^ 
 
 „x l;... a I J. i"- . "v><« < • JM* at. I «ji4 all .l«»ag... il«t may haii-n at »»v ««.- tin-, in ..irh caw, a jwt »T«T«)ps t*dl h* Baae to ** "J^*]^ "^ 
 
 •ti... ;v..n..:.t i • '- J< "' -I "< 'irtur .if tUi- l'..!iry, J«ll U- a^l-kiwl rf«i."l St..tk. I» |.rD|rtrtioi> to the WM >d«i>>M axl At WBWMt «f "^^ 
 
 U ,M.x. - «»." • •>>•<•»• J'n-'Jd.-m .H .ai.1 l-.«.mnv ha/ial-yibol thi- l\4i.v. an. 1 the Soirmn- «l»wrfka»«>mi«er->i?wJt*»»«e,»t FitcH>«i^ 
 . t. i ^ } -iPVr J /, ...2.. i. !)»}«« of «urL«doMth<M3w>de,«te 
 
 
 liA I'.inpany haa^u)».yibr<l lhj« l'i4J.y. 
 
 'A/ 
 
 TVw i * "*- 
 
 r'^^/// V,,-r,(.,rj,. 
 
 <i Jt;' /if 
 
 
 .%» Sn**\^i $ -^ ^^^56^ ' 
 
 -^ 
 
 FIRST POLICY ISSUED BY FITCHBURG MUTUAL FIRE INSURANCE COMPANY 
 
 V- «^ ">• 
 
What commission allowed agents? One dol- 
 lar for each application. 
 Average annual expenses of office for last 
 
 five years $868.62 
 
 Proportion of property insured in Massachu- 
 setts about 67/68 
 Proportion of losses in Massachusetts, 5/6 
 
 It was the restrictive laws passed by our Legislature 
 that eventually brought order out of chaos, paving the way 
 for the survival of the fittest. Up to 1847 there had been 
 organized thirty-seven Mutual Fire Insurance Companies, 
 together with the four organized in that year, which made 
 a total of forty-one Mutual Companies. During the same 
 period there had been organized thirty Stock Fire and 
 Fire and Marine Insurance Companies. Of the thirty 
 Stock Companies, only one is now doing business. Of the 
 forty-one Mutual Fire Companies (many of which were 
 small town companies), nineteen are still doing business. 
 On page 56 will be found a schedule of Mutual Companies 
 organized previous to and including 1847. 
 
 EARLY METHODS 
 
 The ways and mannerisms of our ancestors in the 
 Fitchburg Mutual were peculiarly those of their time, but 
 a fair comparison of the methods used then and now shows 
 many fundamentals which are very similar. Those men 
 were the pioneers and their experiences still guide our 
 steps. 
 
 Close attention to detail is evidenced in the records of 
 the Directors' Meetings. All changes of conditions and 
 hazards were passed upon and permission granted or de- 
 nied. It seems that the Secretary was extremely modest 
 about making a rate on his own property. Therefore, it 
 was voted " that a committee of three be chosen to deter- 
 
 20 
 
 ^ 
 
 '.f 
 
 mine the rate of premium on the applications of Ivers 
 Phillips, for insurance on his property." 
 
 The benefit of solicitation was early appreciated, as 
 evidenced by the following: " that the Secretary be author- 
 ized to employ an agent for the purpose of securing appli- 
 cations for insurance and examining property at risk." 
 
 It is a question whether or not the present time local 
 agent would like the following arrangement, " that the 
 financial committee be authorized to appoint local agents 
 in any part of the State of Massachusetts, and that fifty 
 cents be paid out of the funds of the Company for every 
 application of Insurance obtained by said agents, and 
 received and accepted by said Company." 
 
 The Directors, quite properly, after the Company had 
 run nearly a year, felt that the time they had devoted to 
 its welfare was worthy of remuneration, and voted, at the 
 July meeting, in 1848, '* that the pay of the Directors for 
 attending meetings and travel, be made up from the meet- 
 ing in September, 1847, when this Company went into 
 operation." It was also voted, ** that the Secretary be 
 allowed the same pay as any other Director while he be- 
 longs to the Board." 
 
 At a meeting held by the Directors on May 25, 1850, 
 it was voted, '* to allow Col. Phillips to cancel his policies 
 on the property destroyed by the flood, by the breaking 
 away of the reservoir dam in Ashburnham, on the sixth 
 
 inst." 
 
 The condition relative to collection of premiums was 
 very like that of today, for we find it was voted, " that 
 hereafter policies shall not take effect and be in force until 
 the premium is paid." 
 
 The policy holders of seventy-five years ago were 
 more concerned as to the conditions in their policies than 
 they are at the present time. In October, 1852, the Presi- 
 
 21 
 
 M 
 
dent read a notice from C. W. Wilder, stating " that he 
 shall hereafter heat his house with a furnace." 
 
 The officers of the Company were eager for business 
 and were ready to construe their By-Laws as broadly as 
 possible to secure new risks, as was shown a little later, 
 when, application having been made by Mr. Benjamin 
 Snow for insurance on his new brick block of stores, situ- 
 ated a little to the east of the Fitchburg Hotel, and now 
 known as Central Block, and application having been also 
 made by some of the occupants of said stores, it was voted, 
 '' that alternate stores in such blocks be considered as sep- 
 arate risks, and that this Company may insure $3,000.00 
 or less on such blocks without violating the Eleventh 
 Article of the By-Laws of this Company." 
 
 At a meeting in May, 1853, a notice was read from 
 Thomas Palmer, saying that he " had constructed a small 
 tooth furnace in the back office of his house, insured in the 
 Fitchburg Mutual Fire Insurance Company, and wishes to 
 know whether it affects his policy." The matter was re- 
 ferred to John Prichard and Abel Thurston. The Palmer 
 house is the octagon-shaped brick building, still standing 
 at the corner of Main and Grove Streets. 
 
 Careful study of the old records shows the progress in 
 building construction and of new inventions as they were 
 adopted. In lighting, from the tallow candle to oils, gas, 
 and electricity; in heating, from the fire place, Franklin 
 stove, hot air furnace, steam, hot water, to electrical de- 
 vices. In our records we find mention of the telegraph 
 wires, which was promptly penalized as an extra hazard. 
 At the Directors' meeting, held August 27, 1853, the 
 following notice was read by the President, from George 
 Bowker, representing that " telegraph wires are put upon 
 the building which is insured in your office policy No. 999, 
 first class, and also on the large paint shop, No. 636, second 
 class," whereupon it was voted: 
 
 22 
 
 % 
 
 " To increase the rates of insurance one-fourth of one 
 per cent, for seven years on said buildings." 
 
 Evidently theatricals were not as popular as at pres- 
 ent, for at the Directors' meeting, held February 25, 1854, 
 it was voted, ''not to take risks hereafter in any building 
 where stated theatrical exhibitions are held, or in buildings 
 that are exposed immediately therefrom." 
 
 May 26, 1855 — voted: *' that the Secretary be author- 
 ized to procure an oilcloth carpet for the office, provided he 
 has sufficient funds for the purpose in his hands, received 
 for articles sold belonging to the Ruggles property." 
 
 At the Directors' meeting of September 29, 1860, the 
 President stated that Dr. Jewett " wishes to know on what 
 conditions the Company will insure the dwelling house 
 which now stands near the Catholic meeting-house in this 
 village, known as the Gibson house, while moving from its 
 present location to the central part of the village near the 
 Rollstone House." It was voted not to insure said house, 
 while moving, on any condition. This house is now located 
 at the corner of Main and Academy Streets, and is occupied 
 by Dr. Miller. 
 
 On May 27, 1865, it was voted " that the subject of 
 licenses and agents be laid upon the table, and that the 
 Secretary write to the Commissioner of Internal Revenue 
 in respect to the matter of Directors acting for the Company 
 in procuring insurance." 
 
 On October 28, 1865, it was voted, "in accordance 
 with the recommendation of the Committee, that the 
 policy fee be uniformly one dollar and that agents be 
 allowed in addition to the policy fee a commission of five 
 per cent, on the balance or net amount of premiums paid 
 into the office on and after December 1." 
 
 ^ 
 
 23 
 
 ^. 
 
 IJL% 
 
CHURCHES 
 
 In the early records, there are some very interesting 
 memoranda regarding churches. 
 
 In June, 1850, it was voted " not to take the Shirley 
 Meeting-house in First Class." 
 
 In November, 1851, it was voted " to insure the pews 
 in South Royalston Meeting-house and to charge three per 
 cent for seven years on them." It was also voted '' to 
 charge three per cent or more on any meeting-house for 
 seven years." 
 
 In December, 1854, the President read an application 
 of L. Warren for insurance on his pew in the Leicester 
 Meeting-house, but it was voted not to insure the same. 
 
 On September 29, 1855, it was voted, '' to sanction the 
 doings of the Secretary in insuring the new meeting-house, 
 in process of building, in the center of the town of Gardner." 
 
 In December, 1855, it was voted '' to insure the 
 meeting-house in Westminster, on condition that the pipe 
 in the attic be cased and that it be faithfully examined 
 once in each month." 
 
 It was also voted ''to employ Mr. Taylor to examine 
 churches insured in this office." 
 
 In July, 1871, it was voted ''that the Calvanistic Con- 
 gregational Society of Fitchburg, be allowed to make im- 
 provements on their meeting-house without additional pre- 
 mium, if they remove the shavings daily and keep the 
 house locked up." 
 
 An interest in fire protection, combined with a sense 
 of obligation in regard to company funds is shown in several 
 instances. 
 
 In 1850, the Directors voted that, although the 
 "Board would be gratified to see the town supplied with 
 another fire engine, yet they do not deem it a proper use 
 of the powers vested in them, to appropriate any of the 
 
 24 
 
 tt 
 
 <Vj- 
 
 \h 
 
 funds of the company to the purpose of such engine. 
 
 In 1853, the Treasurer was authorized to pay " a 
 gratuity to the Fire Department in East Templeton for 
 their efforts in saving the property of Anson Peckham, to 
 be expended in improvements on their fire apparatus, pro- 
 vided said appropriation is approved by the Finance Com- 
 mittee." 
 
 The year 1865 saw a further change of feeling toward 
 fire protection. In June a donation of $500.00 was made to 
 the Fire Department of Fitchburg " in consideration of 
 their laudable exertions to save property in case of fire, 
 especially at the fire on the fifth of this month, the money 
 to be applied toward procuring a uniform for the com- 
 panies." 
 
 Later we find the Board voted " to pay the sum of 
 twenty dollars to Mr. Darling, who, at the risk of his life, 
 saved the Baptist Meeting-house in Leominster from 
 destruction." 
 
 LOSSES 
 
 The Company being in the business of Fire Insurance, 
 it was natural to expect that sooner or later there would 
 be some fires. It was good fortune that the Company did 
 not experience its first loss until the latter part of June, 
 1848, nearly ten months after it had started business, and 
 somewhat amusing that the first fire should have honored 
 one of the Directors. The report is of such interest that it 
 is herewith presented in full : 
 
 "The committee chosen at the last meeting to investi- 
 gate the loss of Capt. Ephraim Murdock, Jr., makes the 
 following report: 
 
 We, the subscribers, a committee appointed on the 
 sixth day of July inst. to investigate and report upon the 
 matter of the property of Capt. Ephraim Murdock, Jr., 
 
 25 
 
I ' "f 
 
 ll 
 
 wh.ch was destroyed by fire on the 26th day of June last 
 have attended to that duty and report as foLws ' 
 
 By the statement of Capt. Murdock made and sworn 
 valuT of h'"l' "'' "J J"'^ '"''- " ^PP-- that the who : 
 was insured by this Company, was three hundred and 
 ^venteen dollars and fifty cents ($317.50), of which the 
 Company are bound to pay three fourth amolnl to 
 two hundred and thirty-eight dollars and one cent (« 8 01) 
 The household furniture of Capt. Murdock which was 
 also insured by this Company was injured by being Te 
 moved from the house, but there was no mark of fi upon 
 
 he r ' °'""'°" '^^' '^'' '" ^ kind of damage whlh 
 
 the Company are not legally bound to pay. This T he 
 
 foTrseTk' '" k'^' '1' ^°'"P^">' ''^ -' -th nd he 
 
 exte SbliTh a ""'r^"^ °' *'''^ ""' P'-°P-'>' t" -- 
 the k"„d '"■"''''""' '°'' ^" '"*"^^ transactions, of 
 
 We think a course of settlement in all cases of loss 
 should be as liberal as is consistent with justice and in thU 
 case we recommend to the Company to pay to f^.n 
 Murdock fifty dollars on his furnLre and'two hundr^" 
 and thirty-eight dollars and one cent on his hay and S 
 making in all two hundred and eighty-eight dollars and 
 one cent ($288.01) on condition that he is willing to Live 
 that sum m full satisfaction. receive 
 
 IVERS PHILLIPS ) 
 
 WALTER HEYWOOD ( Committee 
 l-itchburg, July 29, 1848. 
 
 n.r.Z'^'f'u' *° ^""''^^ '^"^ ^^P°'^ and Capt. Murdock ac 
 cepted of the sum ofTered in full satisfaction ' 
 
 Voted, ' th..t the Secretary be directed to oav th. .K 
 
 sum to Capt. Murdock which'he did onfhe spT ''°^' 
 
 Atruerlrd 'VERS PHILLIPS 
 
 Secretary" 
 
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 lit 
 
 ac 
 
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 3 
 
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\1 
 
 In the latter part of 1856 the Fitchburg & Worcester 
 Railroad suffered a loss, by which their engine house and 
 wood house in said Fitchburg and wood in same and their 
 engine called ''Uncle Tom," insured in the Second Class, 
 were destroyed or damaged and a schedule of the same 
 showed that the amount of insurance on the property by 
 all of said policies is $4,150.00 whereupon it was voted, 
 " that the matter be referred to a committee of three, 
 chosen, J. W. Fletcher, Daniel Putnam and I. Longley." 
 At the next monthly meeting the committee reported and 
 submitted a list of property involved in this loss, amounting 
 to $3,980.00, which sum exceeded the amount of funds in 
 the Treasurer's hands on the 27th day of December, namely, 
 $2,761.06." It is presumed that funds came in before it 
 was necessary to pay this loss as no further mention is 
 made of it. 
 
 Apparently some of the problems of the present time 
 regarding losses existed in the old days as we read in the 
 early sixties of a loss of Coggshall & Brown under Policy 
 No. 20294 having been insured as a dwelling house and 
 since altered and occupied for stores. No notice having 
 been given or additional premium paid, the Directors voted 
 not to pay. 
 
 PROGRESS 
 
 A comparison of the figures shows that the Fitchburg 
 Mutual secured its fair share of the business, and that its 
 progress was in proportion to that of its competitors. 
 
 The first few reports are hard to analyze from the 
 present day standpoint. A few figures are here given which 
 show the progress made. 
 
 The First Annual Report of the Directors, July 6, 1848 
 Number of policies in force 225 
 
 Amount of insurance in force $259,530.00 
 
 28 
 
 I 
 
 Amount received in deposit notes 
 
 Amount of premiums received 
 
 Paid for office furniture and safe 
 
 Expense 
 
 Balance 
 
 At the second annual meeting in July 
 
 was, 
 Policies in force 
 Amount in force 
 Amount of notes 
 Amount of premium 
 At the third annual meeting held July 
 
 ing was as follows: 
 Policies in force 
 Amount outstanding 
 Amount of deposit notes 
 Amount of premium 
 
 DIVIDENDS 
 
 $8,783.03 
 
 2,932.11 
 
 314.56 
 
 215.10 
 
 2,402.45 
 
 1849, the standing 
 
 464 
 
 $438,995.00 
 
 14,407.02 
 
 5,305.93 
 
 16, 1850, the stand- 
 
 644 
 
 $620,283.00 
 
 20,165.09 
 
 2,730.04 
 
 .\ 
 
 The unused portion of the premium, commonly called 
 "Dividend," which is returned by the Company to the 
 policy holder, was much larger in its early history, though 
 it was subject to the varying conditions of the business in 
 those days, as well as in more recent times. 
 
 When losses and expenses were low, high dividends 
 were returned. In the first two years of operation, divi- 
 dends ranged from eighty per cent to eighty-four per cent, 
 the highest in the history of the Company. In the next six 
 years, they dropped to seventy-five per cent and were held 
 at that rate for some time. With the necessity for creating 
 a surplus to meet unusual losses, and the requirement of 
 a reserve for the protection of the policy holder, the return 
 of such large dividends became unwarranted. On and after 
 January 1, 1873, dividends on policies that had more than 
 
 29 
 
 - M 
 
 \ 
 
\1 
 
 one year to run originally were reduced to fifty per cent 
 and all yearly policies taken after this date to twenty-five 
 per cent '' provided the Worcester Mutual Insurance Com- 
 pany divide the same amount." 
 
 Through all these years The Fitchburg Mutual has 
 always paid a dividend, sometimes when business condi- 
 tions hardly justified so doing. 
 
 A serious consideration of this matter is indicated by a 
 vote in 1855 " to choose a committee to consider the matter 
 of paying dividends on policies where the property insured 
 had been destroyed by fire." J. W. Fletcher and Alvah 
 Crocker were chosen for said committee. 
 
 Another vote says " All dividends shall be forfeited to 
 the Company which are not claimed within twelve months 
 after the expiration of any policy." The present law allows 
 us to retain unpaid dividends two years after expiration. 
 Most companies pay any dividend claimed with proper 
 voucher, without regard to expiration of the policy. 
 
 SECOND CLASS 
 
 The Second Class Department of the Fitchburg Mu- 
 tual is quite a history in itself, and the first reference to 
 this class is contained in the following vote in April, 1848: 
 
 " That the Secretary be instructed to confer with the 
 President of the Company upon the subject of classifying 
 the risks of the Company or to be taken by the Company 
 and determine whether the Company can, without an 
 additional act of the Legislature, legally so class their risks 
 as to make each class liable for its own losses only and not 
 liable to assessment for any loss that may happen to the 
 property of another class, and if, in their opinion, such a 
 course cannot be taken legally, or if they think there is any 
 doubt as to the legality of such a course they are hereby 
 requested and instructed to apply in the name of the Com- 
 
 II 
 
 
 LINCOLN R. WELCH 
 PRESIDENT 
 
 30 
 
 - y -^ 
 
 ^ 
 
 gjawBg- 
 
pany for such additional act of Legislature as will authorize 
 them so to classify their risks." 
 
 The required legislation was secured and at the May 
 meeting, in 1849, it was voted: 
 
 "That a special meeting of the stockholders of this 
 Company be called, to be held on the first Thursday of 
 July next, to see if they will adopt the first and second 
 sections of the Act of the Legislature, relating to Mutual 
 Fire Insurance Companies, approved April 14, 1849, and 
 take measures to carry it into effect." 
 
 The first section granted authority to all Mutual Fire 
 Insurance Companies to insure in all the other New Eng- 
 land States and New York. The second section provided 
 specifically for the desired division of risks. 
 
 Section 2. "All property that shall hereafter be in- 
 sured by said companies may be divided, by the directors 
 thereof, into two distinct and separate classes. In the 
 first class shall be insured the less hazardous description 
 of property; and, in the second class shall be insured the 
 more hazardous description of property. The policy of 
 each member of any company, so classifying its risks, shall 
 designate the class of risks with which he is associated; 
 and the premiums and deposit notes of each class, and the 
 assessments, for which members may become liable, shall 
 be held and assessed to pay the losses, occurring in the 
 class to which they belong, and no other; provided, how- 
 ever, that no policy shall be issued by any company to 
 cover property in any separate class until the amount of 
 $100,000 shall be subscribed to the insured in such class." 
 At the special meeting of July 5, 1849, in addition to 
 accepting these two sections which established a second 
 class, a committee of three was named " to revise the by- 
 laws and fix forms of application for a second class of risks." 
 The second class consisted of manufacturing risks, 
 such as chair, pail, carpenter shops and tanneries, etc. 
 
 32 
 
 \\ 
 
 Evidently there was considerable conflict between the 
 two classes, as time went on, and the second class began 
 to show a better profit than the first class. This resulted 
 in an official investigation, with the result that the com- 
 mittee chosen on the 27th of December, 1856, " to con- 
 sider the present condition of the second class, made a 
 detailed report at the meeting held February 18, 1857, 
 showing that the Company had, for the last six years pre- 
 vious to the first of May last, paid all losses and expenses 
 in said class from premiums received." 
 
 Even the satisfactory conditions reported did not ap- 
 pease those who questioned, for further consideration of 
 the matter was continued from time to time, as the sur- 
 plus of the two classes varied and ended June 25, 1881, 
 when a committee which had been chosen to consider the 
 expediency of uniting the two classes, reported in favor of 
 the union, and it was unanimously voted so to do. 
 
 At the annual meeting July 7, 1881, the standing was 
 
 as follows: 
 
 TREASURER'S REPORT 
 
 
 
 
 First Class 
 
 Second Class 
 
 Assets on hand July 1, 1880 
 
 
 
 $134,082.52 
 
 $99,574.41 
 
 Premium received since 
 
 
 
 15,405.59 
 
 15,027.17 
 
 Interest received since 
 
 
 
 8,868.86 
 
 7,173.23 
 
 Interest accrued, not paid 
 
 
 
 3,075.43 
 
 1,589.79 
 
 
 $161,432.40 
 
 $123,364.60 
 
 Losses paid since July 1, 18J 
 
 10 
 
 
 30,586.72 
 
 19,033.82 
 
 
 $130,845.68 
 
 $104,330.78 
 
 Loans on mortgages and 
 
 
 
 
 
 personal securities 
 
 
 
 $122,447.84 
 
 $86,038.72 
 
 Cash on hand 
 
 
 
 5,322.41 
 
 16,702.27 
 
 Interest accrued 
 
 
 
 3,075.43 
 $130,845.68 
 
 1,589.79 
 
 
 $104,330.78 
 
 Both Classes 
 
 
 
 
 
 
 First 
 
 
 Second 
 
 Total 
 
 Whole amount insured $13,365,800. 00 
 
 $1,812,475.00 $15,178,275.00 
 
 Caish assets 
 
 130,845. 
 
 68 
 
 104,330.78 
 
 235,176.46 
 
 Amount of surplus 
 
 28,799. 
 
 75 
 
 89,729.65 
 
 118,529.40 
 
 Amount of liabilities 
 
 102,045.93 
 
 14,601 . 13 
 
 116,647.06 
 
 33 
 

 When this legislation was originally adopted, there 
 were only a few companies that accepted the second class, 
 and one after another finally consolidated, having only one 
 class. The Fitchburg Mutual was the last one to consoli- 
 date, and at the time of the consolidation, the second class 
 had about $60,000 more surplus than the first class. 
 
 This consolidation of classes was evidently of great 
 public interest and much discussed for in the Fitchburg 
 Sentinel of July 9, 1881, we find: 
 
 " The Fitchburg Mutual Fire Insurance Company is 
 the last fire insurance company in the state to abolish the 
 class system. Many property holders, especially in the 
 rural district, have objected to having their property in- 
 sured in the same class with more risky buildings, but ex- 
 perience shows that at current rates the second class rates 
 have been more profitable to the company than those of 
 the first class, and those holding first class policies have 
 no reason to complain of the consolidation." 
 
 EXPANSION 
 
 It is evident that the original intention of the organ- 
 izers of this Company was to confine operations to Fitch- 
 burg and vicinity, but, as the Company grew, it was found 
 necessary to branch out, and it is apparent that, in some 
 cases the risk was not as good as was expected. In several 
 cases the Directors, acting as agents, found that the Com- 
 pany was imposed upon by competing agents. 
 
 The function of the local agent and his responsibili- 
 ties was not recognized in those days as it is at the present 
 time, and undoubtedly the competition was much keener 
 between the companies. Naturally the home company, 
 through Its personal acquaintance and knowledge of the 
 conditions, felt that they could compete with the outside 
 companies in the question of rates on the property near at 
 
 34 
 
 FREDERICK W. PORTER 
 SECRETARY 
 
 
i 
 
 home, but were more or less skeptical of the risks secured 
 outside of their own territory. 
 
 The Directors congratulated themselves on their excel- 
 lent judgment in having continually refused to write busi- 
 ness m Boston at the time of the big fire in 1871. How- 
 ever, a study of the situation, the demand for insurance in 
 Boston after the fire with the probability that lightning 
 never strikes twice in the same place, gave birth to a new 
 policy, and we find in October, 1872, that the Directors 
 voted, " that the Secretary be authorized to take risks in 
 Boston and vicinity and report monthly to the Directors 
 the business done. 
 
 It is quite probable that the business was small, as 
 no report of the same is recorded. 
 
 It was not until October, 1887, that we find that Mr. 
 Lockey, " be instructed to confer with the Mr. Porter, of 
 Boston in regard to establishing an agency in the city and 
 report at the next meeting of the Board." 
 
 The first reference to branching out for business in 
 territory - far from Fitchburg " is recorded in January, 
 1887, where we find a vote " to conform with the laws of 
 Rhode Island in order to do business in that state." 
 
 It is apparent that the Fitchburg Mutual did business 
 m New Hampshire and Vermont previous to the period 
 mentioned, as we find record of losses in these states, 
 which were always promptly adjusted and paid. In 1868 
 New Hampshire enacted legislation creating an Insurance 
 Department and requiring all companies to render an 
 annual report thereto. The first report of this Company 
 to the New Hampshire Department was in 1869, there- 
 fore it is probable that between the passage of the bill 
 creating the New Hampshire Insurance Department and 
 the publication of the first New Hampshire Insurance 
 Report the Fitchburg Mutual complied with the laws 
 relative to recognition thereby, though there is no record 
 
 36 
 
 « 
 
 r 
 
 of any action by the Directors regarding this matter. In 
 1884 the Fitchburg Mutual, in common with all of the 
 foreign companies, both Stock and Mutuals, withdrew 
 from the State on account of the passage of the Valued 
 Policy Law. 
 
 Nearly all of the companies, however, returned in 1889, 
 and in May of that year it was voted "that the Fitchburg 
 Mutual assume business in the State of New Hampshire 
 by entering into contracts to take insurance from July 1, 
 1889." 
 
 In August, 1885, the Fitchburg Mutual was admitted 
 to do business in the State of Vermont. 
 
 In 1908 the Directors voted '* to effect connections in 
 several Western States." It was not, however, until 1910, 
 that we were admitted to these states; since that time there 
 has been an era of rapid expansion for The Fitchburg 
 Mutual, as we have been admitted to thirty states, which, 
 together with the New England States, makes thirty-six 
 states in which we are now doing business. The Fitchburg 
 Mutual was the first of the Massachusetts Mutuals, writ- 
 ing a general business, to go west of the Hudson River for 
 business. 
 
 Massachusetts 
 
 1847 
 
 Kansas 
 
 1913 
 
 New Hampshire 
 
 1869 
 
 Maine 
 
 1913 
 
 Vermont 
 
 1885 
 
 North Carolina 
 
 1914 
 
 Rhode Island 
 
 1887 
 
 North Dakota 
 
 1915 
 
 Connecticut 
 
 1889 
 
 Nebraska 
 
 1917 
 
 Wisconsin 
 
 1910 
 
 Montana 
 
 1917 
 
 Tennessee 
 
 1910 
 
 Pennsylvania 
 
 1918 
 
 Michigan 
 
 1910 
 
 Ohio 
 
 1918 
 
 Indiana 
 
 1910 
 
 Illinois 
 
 1918 
 
 Georgia 
 
 1910 
 
 Texas 
 
 1919 
 
 South Carolina 
 
 1911 
 
 Iowa 
 
 1919 
 
 Oregon 
 
 1911 
 
 Washington 
 
 1919 
 
 37 
 
1911 
 
 West Virginia 
 
 1920 
 
 1911 
 
 New Jersey 
 
 1920 
 
 1911 
 
 Louisiana 
 
 1920 
 
 1912 
 
 Kentucky 
 
 1920 
 
 1912 
 
 Oklahoma 
 
 1921 
 
 1912 
 
 Colorado 
 
 1922 
 
 New York 
 
 District of Columbia 
 
 California 
 
 Missouri 
 
 Minnesota 
 
 Maryland 
 
 LOCATION OF OFFICE 
 
 From the first, the question of suitable quarters was a 
 problem. The Secretary had been authorized to secure 
 proper offices, resulting in the occupancy of the rooms of 
 Torrey and Wood, at the corner of Main and Central 
 Streets, at a rental of $75.00 a year. 
 
 It was voted at one time to buy the so-called Bank 
 Building, just beyond where the present office is located, 
 now occupied by Linton Brothers. It was offered at a 
 yearly rental of $600 for five years, with the privilege of 
 purchasing same at any time for $10,550, but, for some 
 reason, an agreement was not reached, and their old loca- 
 tion was retained at $300 per annum. Later it was voted 
 that a committee of three be appointed by the chair to see 
 upon what terms a lot or building could be obtained, suit- 
 able for the use of this Company. There is no record that 
 this committee was appointed, or that any further action 
 was taken on this vote. 
 
 In January, 1872, it was voted, " that the President 
 be authorized to petition the present Legislature that this 
 Company be empowered to hold real estate not exceeding 
 $50,000 in value." The records show no action on this 
 vote, and nothing to indicate that the petition was presented. 
 In November, 1873, it was voted " that the President, 
 W. D. Peck and Wm. O. Brown be a committee with full 
 power to take a lease of room No. 6 in the Fitchburg 
 Savings Bank Block, for an office for the Company." They 
 remained here for about twenty years. 
 
 38 
 
 The first mention of the present building was made at 
 a meeting of the Directors in June, 1892, when Hon. Amasa 
 Norcross, President, and Henry G. Morse, Treasurer, as 
 individuals, submitted a proposition to sell to the Company 
 the site of the building now occupied by the Fitchburg 
 Mutual. 
 
 It was voted unanimously to accept the proposition. 
 It was also voted '* that the Finance Committee, composed 
 of Amasa Norcross, Henry G. Morse, Rodney Wallace, 
 Lyman C. Albee, and Orlando Mason, of Winchendon, 
 constitute a building committee to act in behalf of the 
 Company in procuring materials and labor, and causing 
 to be erected a building, on the land named in this propo- 
 sition." They worked to some purpose, for, at a meeting 
 of the Directors, February 8, 1894, a report of the build- 
 ing committee was read, which accounted in full for ex- 
 penditures up to date. This was the first meeting of the 
 Board in the new quarters, the present Phoenix Building. 
 This has been a satisfactory home for the Company and 
 has sufficient room for future growth. 
 
 DIRECTORS 
 
 This seems a fitting place to say a few words regard- 
 ing the members of the first Board of Directors. These 
 strong progressive men, who were prominent in business, 
 law, or banking, with their deep interest in anything that 
 pertained to the social, religious, political and industrial 
 life of their time, left an imperishable influence on this 
 municipality. It is fair to say that, had it not been for 
 that grand old man, Alvah Crocker, his co-workers Na- 
 thaniel Wood, Ivers Phillips, L. H. Bradford, Abel Thurs- 
 ton and their associates, there would be no Fitchburg 
 Mutual now to have a Seventy-fifth Anniversary. 
 
 A brief description of these men may be of interest. 
 It is very evident that Alvah Crocker was the father 
 
 39 
 
 V 
 
.11. 
 
 CHARLES F. BAKER 
 ROBERT S. PARKS 
 
 J. LOVELL JOHNSON 
 Vice President 
 
 HON. FREDERICK FOSDICK 
 
 FREDERIC C. NICHOLS 
 
 WILLIAM C. GOODWIN 
 HERBERT E. JENNISON 
 
 ROBERT N. WALLIS 
 AssT. Treasurer 
 
 WARNER M. ALLEN 
 
 WILBUR W. HENRY 
 
•? 
 
 of the Fitchburg Mutual, and while there is no record 
 of this in existence, the records that are extant show- 
 plainly that he had more to do with its inception than 
 any other one man. To quote from Mr. Bradford's 
 memorial of Mr. Crocker, to the Fitchburg Board of Trade, 
 January 3, 1876, " In 1847, he was prominent in establish- 
 ing the Fitchburg Mutual Fire Insurance Company, pre- 
 siding at its organization, and calling its incipient meet- 
 ings at his own house when confined by sickness, holding 
 the ofhce of Director to his death — over twenty-seven 
 years." 
 
 Mr. Crocker was largely interested in what is now 
 known as the Crocker-Burbank Company. 
 
 Director Fitchburg Railroad Company 
 Director RoUstone Bank 
 Trustee Fitchburg Savings Bank 
 Director Fitchburg Gas Company 
 Director Crocker National Bank, Turners Falls 
 Trustee Crocker Institution for Savings 
 Director Turners Falls Company 
 Director Turners Falls Pulp Company 
 Director Montague Paper Company 
 Director Keith Paper Company 
 Director J. Russell Cutting Company 
 Trustee Cushing Institute, Ashburnham 
 Mr. Crocker served in the House of Representatives in 
 Massachusetts 1835-1842-1843, the Massachusetts Senate 
 1862-1866. 
 
 He was elected a member of the National House of 
 Representatives in 1872 and was a member thereof at 
 the time of his death in 1874. 
 
 He was Commissioner on Hoosac Tunnel 1869-1872. 
 Director Vermont & Massachusetts Railroad 
 Director Troy & Greenfield Railroad 
 Director Fitchburg Bank. 
 
 42 
 
 He was for ten years Senior Warden Christ Church, 
 and also identified with Fitchburg Board of Trade, Boston 
 Board of Trade, and other organizations more or less of a 
 public character. 
 
 His life was characterized by sterling honesty, integ- 
 rity, and indomitable energy and was replete with good 
 works. He is remembered more particularly for his un- 
 flagging interest in, and labors for the Hoosac Tunnel 
 
 railroad scheme. 
 
 He was the prime mover of the Fitchburg Railroad and 
 Hoosac Tunnel line. He was active in securing the aid 
 of the State in carrying on and completing the tunnel and 
 had unbounded faith in the advantages which it would 
 bring to this section of the State. 
 
 Nathaniel Wood was one of the most prominent mem- 
 bers of the legal fraternity, in this part of the State, hold- 
 ing every important town office. He was President and 
 Director of the Fitchburg Mutual from organization to 
 1874 — twenty-seven years. He was Treasurer from 1849 
 to 1874 — twenty-five years, was member of both branches 
 of the Massachusetts Legislature, Director of the Fitchburg 
 National Bank, and Fitchburg Savings Bank. He was also 
 at one time Postmaster of Fitchburg. 
 
 Joseph W. Mansur of Fitchburg, was a prominent 
 member of the legal fraternity of Fitchburg, and active in 
 public affairs. He was Postmaster of Fitchburg, Director 
 of Rollstone National Bank, Agent of the woolen mill at 
 South Fitchburg and the Cambridge Mill of the American 
 Woolen Company. Until his removal to the west in 1873, 
 he was one of the leading citizens of Fitchburg. 
 
 Col. Ivers Phillips was a born leader of men. He was 
 one of the original stockholders of the Fitchburg Railroad, 
 a Director of the Vermont & Massachusetts Railroad, for 
 seventeen years Director and Superintendent of the Fitch- 
 burg & Worcester Railroad, President of the Boston, 
 
 43 
 
 |i 
 
Barre and Gardner Railroad, and one of the leaders in 
 making Fitchburg a railroad center. He was an extensive 
 woolen manufacturer, served in Massachusetts Legislature, 
 Collector of United States Internal Revenue and Trustee 
 of Fitchburg Savings Bank. 
 
 Walter Heywood was one of the pioneers in the manu- 
 facture of chairs in this section of the country, and the 
 founder of the Walter Heywood Chair Company of Fitch- 
 burg. He was a director of the Fitchburg National Bank, 
 Trustee of Fitchburg Savings Bank, Director of Putnam 
 Machine Company. 
 
 C. W. Wilder was the leading physician of Leominster. 
 He was a public-spirited citizen, active in town and county 
 affairs. He was a member of the Legislature for five years, 
 one of the organizers of the Fitchburg State and National 
 Bank, and a Director until the time of his death. He was 
 also one of the prime movers in the organization of the 
 Fitchburg & Worcester Railroad. 
 
 Alvah J. Towne was a former woolen manufacturer in 
 Fitchburg, and one of the owners of the Fitchburg Woolen 
 Mill, now a part of the Parkhill Manufacturing Company. 
 He was a Director of the Fitchburg National Bank, and of 
 the Fitchburg Savings Bank. 
 
 Captain Elisha Murdock, Jr. was one of the pioneers 
 of the woolen manufacturing business in Northern Wor- 
 cester County, and the leader in the establishment of Win- 
 chendon as the center of that industry. He was the first 
 citizen of that town, in many ways, and his active, vigorous 
 personality and business sagacity were in constant demand 
 in public service. He was a Senator in the Massachusetts 
 Legislature and President of the Winchendon Savings Bank. 
 
 Asahel Corey, of Ashburnham, was the leading mer- 
 chant of that place for many years. He was also represen- 
 tative to the Massachusetts Legislature for four years. 
 
 Captain Jacob Fisher of Lancaster was one of the lead- 
 
 44 
 
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ing citizens of the town. He was prominent in town affairs, 
 as Selectman, member of the School Committee and for 
 many years President of the Lancaster National Bank. 
 
 Hobart Spencer of Ashby had extensive experience as 
 a building contractor in Boston and removed to Ashby 
 where he became one of its most prominent agriculturalists, 
 a leading man of the town and Representative to the Legis- 
 lature. 
 
 Daniel Putnam of Lunenburg, was for more than sixty 
 years, one of the first citizens of Lunenburg and its principal 
 business man. He was identified with everything connected 
 with its growth and prosperity. He was one of the organ- 
 izers of the Rollstone National Bank of Fitchburg, a 
 Representative to the Legislature and Trustee of the 
 Worcester North Savings Institution of Fitchburg. He 
 was present, at the age of ninety-three years, at the dedi- 
 cation of the New Office Building, the present home of the 
 Fitchburg Mutual Fire Insurance Company. 
 
 Col. Artemus Lee, of Templeton, was a leader in the 
 business and political affairs of northern Worcester County. 
 He was Representative and Senator to the Massachusetts 
 Legislature, and he acquired his title of Colonel from having 
 been commander of a regiment of militia. He died in 1870. 
 Lewis H. Bradford was the second President of this 
 Company. He was also one of the organizers of the Roll- 
 stone National Bank of Fitchburg and a Director in the 
 same. He was Assistant Assessor of the Internal Revenue 
 for the Fitchburg district, a Trustee of the Worcester 
 North Institution for Savings and a member of the Massa- 
 chusetts Legislature. 
 
 Dr. John White of Westminster, was a graduate of 
 Brown University and commenced his practice in West- 
 minster in 1825. He served as Town Treasurer, School 
 Committee and was a member of the Massachusetts Legis- 
 
 46 
 
 i 
 
 \ 
 
 i 
 
 lature, as well as Director of the Fitchburg State and 
 National Bank. 
 
 The Fitchburg Mutual has been equally fortunate in 
 succeeding years in having on its Board of Directors 
 prominent men of affairs, whose connection with the Com- 
 pany has strengthened and upheld it among its contem- 
 poraries and it is a pleasure to now record appreciation of 
 the services so ably rendered. 
 
 The early records show the Directors were greatly in- 
 terested in the success of the Company. This is ev idenced 
 by the votes on what seem to us minor details. They were 
 joint managers of the Company. Those residing outside of 
 Fitchburg also acted as agents of the Company, thus serv- 
 ing in a dual capacity. The succeeding years have seen no 
 decrease of interest on the part of the Directors, but their 
 services are now more in an advisory capacity, the work- 
 ing out of details being left to the officers. 
 
 The problems of the early years, caused many anxious 
 meetings of Directors, and voluminous reports of investi- 
 gating committees. The appointment of agents, their ter- 
 ritory, and their compensation; whether their interest was 
 chiefly their own income or good business for the Company; 
 collections; inspections; proper rates of premiums for more 
 or less hazardous risks — all these questions were perennial 
 and changing conditions required continual study and fre- 
 quent adjustment. 
 
 CO-OPERATION 
 
 The Fitchburg Mutual has always tried to do its full 
 duty for and in behalf of Mutual Insurance in the Com- 
 monwealth of Massachusetts. 
 
 There is a saying: *' Get acquainted with your neigh- 
 bors. You might like them." On that basis it has tried 
 to get acquainted with its Mutual Insurance neighbors, 
 not only in Massachusetts and other New England States, 
 
 47 
 
I 
 
 but in other parts of the country. It has effected con- 
 nections which have been of great value to the company 
 and it has endeavored to be of value to others. 
 
 Years ago the Mutual Companies in the State decided 
 that if there was virtue in co-operation among the people, 
 there must be benefit in co-operation between the com- 
 panies. About 1879 they organized under the name 
 " Massachusetts Mutual Fire Insurance Union." It has 
 had an interesting career and has been a strong factor in 
 the success of Mutual Insurance in this section of the 
 country. In this organization the Fitchburg Mutual has 
 always taken an active part. Mr. H. G. Morse, a former 
 President, served several terms as Vice-president of the 
 Union, but declined to be advanced to the presidency. 
 
 After the organization of the National Association 
 of Mutual Insurance Companies, the Fitchburg Mutual 
 became a member, to gain the benefit of broader co- 
 operation. The present President of the Fitchburg Mutual, 
 Lincoln R. Welch, has been honored by serving three terms 
 as President of the National Association. 
 
 Mr. Welch was the first President of the Incorpor- 
 ated Mutuals, now the Federation of Mutual Insurance 
 
 Companies. 
 
 The insurance business has it ups and downs, its 
 periods of prosperity, as well as its periods of depression, 
 and the Fitchburg Mutual is no exception to this rule. 
 The Company has passed through several periods in which 
 the conditions have tried the souls of those in charge of its 
 affairs. Each crisis has been met and conquered and the 
 Company has, year by year, increased in the respect and 
 
 regard of the public. 
 
 This should be convincing to the insurance buyer of 
 the power of the co-operative principle of Mutual Insur- 
 ance, the oldest form of insurance and the form from which 
 all insurance has been derived, for insurance is essentially 
 
 48 
 
 *r t 
 
 
 I 
 
 co-operative. The year 1922 sees the Fitchburg Mutual 
 well established, broadened in scope far beyond the dreams 
 of its founders, with the promise of years of steady depend- 
 able growth ahead. It will continue to voice its slogan, 
 adopted several years ago, but with all the added confi- 
 dence of a youth of seventy-five years, 
 
 " Your prosperity is our prosperity: 
 Our prosperity is your protection." 
 
 \ 
 
 U 
 
 'f 
 
 49 
 
 f 
 
 I 
 
I \ 
 
 FITCHBURG MUTUAL FIRE INSURANCE 
 
 COMPANY 
 
 Roster of Officers and Directors 
 
 / 
 
 ) i 
 
 Hon. Nathaniel Wood 
 L. H. Bradford 
 Hon. Amasa Norcross 
 Henry G. Morse 
 Lincoln R. Welch 
 
 William Baker 
 Henry G. Morse 
 Hon. Rodney Wallace 
 Frederick F. Woodward 
 J. Lovell Johnson 
 
 Ivers Phillips 
 Abel Thurston 
 Charles Mason 
 L. H. Bradford 
 E. P. Downe 
 Lincoln R. Welch 
 Chester A. Clegg 
 Brentford J. Alley 
 Frederick W. Porter 
 
 Ebenezer Torrey 
 Nathaniel Wood 
 L. H. Bradford 
 William Baker 
 Henry G. Morse 
 Lincoln R. Welch 
 
 PRESIDENTS 
 
 1847-1874 
 1874-1887 
 1887-1897 
 1898-1910 
 1910 
 
 VICE-PRESIDENTS 
 
 1887-1888 
 1888-1898 
 1898-1903 
 1909-1913 
 1913 
 
 SECRETARIES 
 
 1847-1850 
 1850-1864 
 1864-1869 
 1869-1874 
 1874-1897 
 1897-1910 
 1910-1914 
 1914-1916 
 1917 
 
 TREASURERS 
 
 1847-1849 
 1849-1874 
 1874-1887 
 1887-1888 
 1888-1910 
 1910 
 
 27 
 
 years 
 
 13 
 
 n 
 
 10 
 
 <l 
 
 12 
 
 << 
 
 1 year 
 10 years 
 5 " 
 4 " 
 
 3 years 
 14 " 
 
 5 
 
 5 
 23 
 13 
 
 4 
 
 2 
 
 << 
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 << 
 (( 
 
 2 years 
 25 " 
 13 " 
 
 1 year 
 22 years 
 
 51 
 
Sgg 
 
 UfiHfeSfi* 
 
 DIRECTORS 
 
 Alvah Crocker 
 
 Nathaniel Wood 
 
 Joseph W. Mansur 
 
 Ivers Phillips 
 
 Artemus Lee, Templeton 
 
 Walter Heywood 
 
 Abial J. Towne 
 
 C. W. Wilder, Leominster 
 
 Jacob Fisher, Lancaster 
 
 L. H. Bradford 
 
 E. Murdock, Jr., Winchendon 
 
 Ashel Corey, Ashburnham 
 
 Hobart Spencer, Ashby 
 
 Daniel Putnam, Lunenburg 
 
 John White, Westminster 
 
 Giles H. Whitney, Templeton 
 
 Kilburn Harwood 
 
 Timothy S. Wilson 
 
 J. W. Fletcher, Leominster 
 
 John Prichard 
 
 Abel F. Adams 
 
 Samuel G. Kendall, Westminster 
 
 Israel Longley, Shirley 
 
 S. W. A. Stevens, Gardner 
 
 James Bennett, Leominster 
 
 Moses T. Gardner. Shirley 
 
 William O. Brown 
 
 Hale W. Page 
 
 Amasa Norcross 
 
 William Baker, Lunenburg 
 
 Silas Holman, Bolton 
 
 Daniel Cross 
 
 S. R. Merrick, Clinton 
 
 William D. Peck, Sterling 
 
 Peter Rice, Worcester 
 
 Lucius Aldrich 
 
 Rodney Wallace 
 
 Gardner S. Burbank 
 
 Orlando Mason, Winchendon 
 
 Henry G. Morse 
 
 1847-1874 
 
 1847-1874 
 
 1847-1852 
 
 1847-1865 
 
 1847-1848 
 
 1847-1848 
 
 1847-1848 
 
 1847-1850 
 
 1847-1872 
 
 1847-1887 
 
 1847-1880 
 
 1847-1852 
 
 1847-1882 
 
 1847-1872 
 
 1847-1851 
 
 1848-1861 
 
 1849-1851 
 
 1849-1872 
 
 1851-1861 
 
 1852-1870 
 
 1852-1883 
 
 1852-1883 
 
 1853-1863 
 
 1862-1910 
 
 1862-1887 
 
 1864-1870 
 
 1865-1889 
 
 1868-1870 
 
 1871-1898 
 
 1871-1896 
 
 1871-1872 
 
 1873-1890 
 
 1873-1907 
 
 1873-1887 
 
 1873-1874 
 
 1874-1881 
 
 1875-1903 
 
 1875-1887 
 
 1881-1905 
 
 1882-1910 
 
 52 
 
 
 27 years 
 27 
 
 5 
 18 
 
 1 year 
 
 1 " 
 1 " 
 3 years 
 25 
 40 
 33 
 5 
 
 35 
 
 25 
 
 4 
 
 13 
 
 2 
 
 23 
 10 
 18 
 31 
 31 
 10 
 48 
 25 
 6 
 
 24 
 2 
 
 27 
 25 
 1 year 
 17 years 
 34 
 14 
 1 year 
 7 years 
 28 " 
 12 " 
 24 
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 It 
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 ♦Present members. 
 
 George H. Spencer 
 
 1883-1889 
 
 6 years 
 
 Dr. George Jewett 
 
 1884-1895 
 
 11 ' 
 
 
 Lyman C. Albee 
 
 1888-1900 
 
 12 ' 
 
 
 Chas. E. Grant, Worcester 
 
 1888-1910 
 
 22 ' 
 
 
 John M. Lockey 
 
 1888-1916 
 
 28 ' 
 
 
 E. P. Downe 
 
 1888-1899 
 
 11 ' 
 
 
 W. A. Macurda 
 
 1890-1901 
 
 11 ' 
 
 
 B. F. Wallis 
 
 1890-1896 
 
 6 ' 
 
 
 Frederick F. Woodward 
 
 1890-1913 
 
 23 ' 
 
 
 Daniel Simonds 
 
 1895-1913 
 
 18 ' 
 
 
 B. N. Bullock 
 
 1897-1906 
 
 9 ' 
 
 
 George E. Clifford 
 
 1900-1907 
 
 7 • 
 
 
 Arthur H. Lowe 
 
 1901-1910 
 
 9 ' 
 
 
 George R. Wallace 
 
 1903-1912 
 
 9 ' 
 
 
 *Charles F. Baker 
 
 1906 
 
 
 •Frederick Fosdick 
 
 1906 
 
 
 ♦Lincoln R. Welch 
 
 1906 
 
 ■ 
 
 Charles B. Smith 
 
 1910-1915 
 
 5 " 
 
 ♦Frederic C. Nichols 
 
 1910 
 
 
 *J. Lovell Johnson 
 
 1911 
 
 
 ♦Robert N. Wallis 
 
 1911 
 
 
 ♦Robert S. Parks 
 
 1911 
 
 
 ♦William C. Goodwin 
 
 1912 
 
 
 ♦Warner M. Allen 
 
 1919 
 
 
 ♦Herbert E. Jennison 
 
 1919 
 
 
 ♦Frederick W. Porter 
 
 1919 
 
 
 ♦Wilbur W. Henry 
 
 1920 
 
 
 
 II 
 II 
 
 53 
 
■» «' 
 
 HONOR LIST OF DIRECTORS 
 Who Served More than Twenty-five Years 
 
 S. W. A. Stevens 
 L. H. Bradford 
 Hobart Spencer 
 S. R. Merrick 
 E. Murdock, Jr. 
 Abel F. Adams 
 S. G. Kendall 
 Rodney Wallace 
 H. G. Morse 
 J. M. Lockey 
 Alvah Crocker 
 Nathaniel Wood 
 Amasa Norcross 
 Daniel Putnam 
 Jacob Fisher 
 James Burnett 
 William Baker 
 
 1862-1910 
 
 1847-1887 
 
 1847-1882 
 
 1873-1907 
 
 1847-1880 
 
 1852-1883 
 
 1852-1883 
 
 1875-1903 
 
 1882-1910 
 
 1888-1916 
 
 1847-1874 
 
 1847-1874 
 
 1871-1898 
 
 1847-1872 
 
 1847-1872 
 
 1862-1887 
 
 1871-1896 
 
 48 years 
 
 40 
 
 (1 
 
 35 
 
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 34 
 
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 33 
 
 K 
 
 31 
 
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 31 
 
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 28 
 
 l< 
 
 28 
 
 II 
 
 28 
 
 II 
 
 27 
 
 II 
 
 27 
 
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 27 
 
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 25 
 
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 25 
 
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 25 
 
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;S^9BHlHHAiMH^Mii^HHfiigb 
 
 MASSACHUSETTS MUTUAL FIRE INSURANCE 
 
 COMPANIES 
 
 (Doing Business and Organized Before 1847) 
 
 Attleboro 
 
 ♦Barnstable — Yarmouthport 
 ♦Berkshire— Pittsfield 
 Bristol County— New Bedford 
 ♦Cambridge 
 Charlestown 
 ♦Citizens — Brighton 
 City — Roxbury 
 Cohassett 
 ♦South Danvers 
 ♦Dedham 
 Essex — Salem 
 Farmers — Georgetown 
 Franklin — Greenfield 
 Groveland 
 
 ♦Hampshire — Northampton 
 Haverhill 
 ♦Holyoke — Salem 
 ♦Hingham 
 
 1844 Holliston 
 
 1833 ♦Lowell 
 
 1838 ♦Lynn 
 
 1829 Marlboro 
 
 1833 Massachusetts— Boston 
 
 1836 Mechanics — Boston 
 1846 ♦Merrimack — Andover 
 1846 Merchants & Farmers — 
 1845 Worcester 
 
 1829 ♦Middlesex— Concord 
 
 1837 ♦Mutual— Springfield 
 
 1829 ♦Newburyport 
 1844 ♦Norfolk — Dedham 
 1828 ♦Salem 
 
 1828 State— Boston 
 
 1830 Union — Boston 
 
 1831 West Newbury 
 
 1843 Weymouth— Braintree 
 1826 Worcester 
 
 1841 
 1832 
 1828 
 1836 
 1798 
 1836 
 1828 
 
 1846 
 1826 
 1827 
 1829 
 1825 
 1838 
 1843 
 1843 
 1828 
 1833 
 1824 
 
 f 
 
 There were three other Mutuals organized the same year as the 
 Fitchburg in 1847. 
 
 Chelsea 
 
 ♦Annisquam — Gloucester 
 Peoples — Worcester 
 
 1847 
 1847 
 1847 
 
 *The eighteen mutuals in existence. 
 
 SEVENTY-FOURTH ANNUAL STATEMENT 
 
 December 31, 1921 
 AMOUNT AT RISK, $47,116,727.00 
 
 ASSETS 
 
 Real Estate $53,000.00 
 
 Stocks (market value) 140,160.50 
 
 Bonds (market value) 305,765. 10 
 
 Cash in Office and Banks 41,028.87 
 
 Agents' Balances 57,194. 29 
 
 Interest, Rents Due and Accrued 5,316 . 33 
 
 Reinsurance Due on Paid Losses 2,759 . 46 
 
 $605,224.55 
 
 LIABILITIES 
 
 Unearned Premiums $349,608 . 68 
 
 Losses in Process of Ad j ustment 43 , 1 58 . 38 
 
 Taxes Due and Accrued 10,000 . 00 
 
 All Other Liabilities 7,200.99 
 
 $409,968.05 
 
 Net Cash Surplus 195,256. 50 
 
 $605,224.55 
 
 Gain in Surplus $41,256.97 
 
 Gain in Assets 72,554.68 
 
 Gain in Amount at Risk $3,936,126.00 
 
 56 
 
 57 
 
)h 
 
 H. M. Downs Printing Co. 
 
 FITCHBURG. MASS. 
 
 i 
 
1' 
 
 COLUMBIA UNIVERSITY LIBRARIES 
 
 This book is due on the date indicated below, or at the 
 expiration of a definite period after the date of borrowing, as 
 provided by the library rules or by special arrangement with 
 the Librarian in charge. 
 
 DATE BORROWKO 
 
 DATE DUE 
 
 DATE BORHOWED 
 
 DATE DUE 
 
 
 
 
 
 
 
 
 
 
 
 
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 t 
 
 
 
 
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 1 
 
 • 
 
 
 
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 insurance company 
 The Fitchburg mutual 
 
 fire insurance c 
 
 ompany, 
 
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END OF 
 TITLE